Japan PM Kishida orders $34b to be set aside for childcare, tad more than expected
TOKYO - Japanese Prime Minister Fumio Kishida on Wednesday instructed his government to set aside around 3.5 trillion yen in the annual budget for childcare, said Economy Minister Shigeyuki Goto.vowed to double childcare spending over the next three yearsThe government had estimated that it needed to secure around 3 trillion yen per year to cover the expansion of childcare allowances and other related benefits.
Mr Kishida unveiled the increased size of spending at a meeting of ministers that included Finance Minister Shunichi Suzuki, Mr Goto said. The Economy Minister also attended the meeting. “Prime Minister Kishida told us to consider expanding childcare measures by around 3.5 trillion yen in the process of compiling the annual budget,” Mr Goto told reporters.
The measures aim to support higher education, prevent child abuse in poverty, and ensure medical care for handicapped children, Mr Goto cited Mr Kishida as telling the meeting.Japan, the industrial world’s most indebted government with a public debt that is more than double the size of its economy, is struggling to secure sources of funding to support Mr Kishida’s childcare spending plan.
It is also considering introducing a new type of bonds to raise funds for education fees, Kyodo news agency reported.They dropped below 800,000 for the first time – a watershed moment that came eight years earlier than the government had expected. REUTERS
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